BOJ Intervenes in the FX Market

• The Bank of Jamaica on Monday intervened in the foreign exchange market through the Bank’s Foreign Exchange Intervention and Trading Tool (B-FXITT).
• Approximately US$20Mn was sold to authorized dealers and cambios and the Bank highlighted that the flash sale was necessary to smooth temporary gaps between supply and demand in the market.
• The BOJ, in their press release, urged companies to utilize forward contracts in an environment where the exchange rate moves in both directions in order to minimize the risks associated with foreign exchange obligations.

(Source: Bank of Jamaica)